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Behringer Harvard To Buy 3M-SF Portfolio

CHICAGO-The portfolio, which includes One Financial Place, 10 S. Riverside Plaza, 120 S. Riverside Plaza and 200 S. Wacker Dr., carries a $850-million price tag.

By Gina Kenny | Updated on August 15, 2007

CHICAGO-Behringer Harvard, based in Dallas, is acquiring a four-building, 3.2-million-sf office portfolio here from affiliates of Boston-based Beacon Capital Partners. The two have entered into an agreement for the portfolio but the sale has not closed yet. A price was not disclosed but was reportedly approximately $850 million. The acquisition is for Behringer Harvard REIT I Inc.

The buildings in the portfolio include the 39-story One Financial Place at 440 S. LaSalle St. with one million sf of rentable space; the twin 21-story buildings with a total of nearly 1.4 million sf of space at 10 S. Riverside Plaza and 120 S. Riverside Plaza; and 200 S. Wacker Dr., a 40-story office tower with 750,000 sf of rentable space. Behringer was interested in the portfolio because of the “proximity to mass transit and excellent West Loop and Central Loop locations,” says Jason Mattox, executive vice president with Behringer. “Really, these are irreplaceable locations in what we consider to be an excellent long-term market.”

The building at 200 S. Wacker Dr. is across the Chicago River from 222 S. Riverside and the adjoining building at 444 W. Jackson Blvd., which the REIT acquired for approximately $277.5 million from an affiliate of Beacon last year. The building on Wacker Drive is in the process of being renovated, which Behringer will continue with, Mattox says. The interior renovations include work on the lobby, elevators, the corridors and “potentially some adjustments to the restaurant and other deli amenities,” he says.

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